March 28, 2014
The New Wisconsin Trust Code, effective July 1, 2014, makes extensive changes to the laws regarding testamentary trusts in a Will and stand alone Living, Revocable and Irrevocable trusts separate from a Will. Most of these changes are for the better and will help trustees to fully administer trusts in Wisconsin. The new changes will also enable beneficiaries and administrators to more easily rectify problems or issues that arise during trust administration.
In addition to changes eliminating ongoing court supervision of testamentary trusts, allowing interested parties to enter into settlement agreements without court approval with respect to trust administration, and many other beneficial trust law changes, the new law expressly allows for Pet Trusts for the first time in Wisconsin.
Give Yourself Peace of Mind
A properly crafted estate plan can give you peace of mind, knowing your assets and family are well protected. Our estate planning lawyers will help you get there.
What Are Pet Trusts?
At first glance, this relatively minor change to the Wisconsin Trust Law has significant impact for animal lovers and pet owners. Historically, Wisconsin trust lawyers had to implement work-around solutions for clients who wanted to leave funds for the care of their pets. As the new Wisconsin Trust Code specifically authorizes trusts for the care of pets, pet owners will be able to set aside funds in Pet Trusts to allow for the necessary care, food, boarding, veterinary, and other expenses for pets after the death of the trust creator, or in the event that the trust creator becomes incapacitated.
With the new Pet Trusts law, we can properly include provisions for the care of an animal in your trust or in a separate stand alone trust, to ensure that your faithful pet is cared for in the event that you are not around or capable of doing so. The designated pet care person can obtain funds from the pet trust to pay the expenses of the surviving pet or pets. The care person can be the same or different from your trustee. Upon the subsequent death of your pet or all of the pets, the trust can then provide for the distribution of remaining funds to other beneficiaries of your choice.
Taking Care of Your Pets
At Wokwicz Law Offices, we’re animal lovers. All creatures great and small – we love them all. To speak with our trust attorneys about crafting a plan to care for your faithful pets, please call us today on 262-658-2181.